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Project Risk Analysis and Management

The course will focus on examining and applying qualitative and quantitative risk analysis techniques used in the Best Practice Assessment of uncertainties in a project-based enterprise.

Uncertainty is inherent in all projects and particularly in the aspects of technical, financial, schedule, legal, and quality performance. Project Risk Analysis is a body of expertise focused on the systematic and comprehensive analysis of the uncertainty in projects and project based operations.

This course qualifies for 30 PDUs.

Agenda

Audience

Prerequisites

Agenda

Day 1

Introduction and Processes

Risk Analysis and Management Part 1: Introduction

Risk Analysis and Management Part 2: Processes

Identification and documentation of risks

Assess exposure

Develop risk responses - mitigation

Review documentation

Teams: RAM Requirements (1)

Day one will include an introduction to risk management and an overview of the qualitative approach to risk management. This will include discussions on planning risk management, identifying and assessing risks, and planning response strategies. The techniques covered will be applied to a case study project.

Day 2

Quantitative Analysis

Risk Analysis and Management Part 3: Contingency

Quantitative risk analysis basics

Quantitative risk analysis using excel

Overview of @Risk for Excel

Develop quantitative risk assessments

Quantitative risk analysis using @Risk

Case Study – Quantitative Risk of Budget

Teams: RAM Requirements (2)

An overview of the qualitative approach to risk management, including the underlying principles will be covered on this day. The learning objectives will also include being able to use software to perform quantitative analysis. Initially, basic excel will be used to perform a simulation, but specific quantitative software will also be used to analyze the risks to a case study project budget.

Day 3

Quantitative Schedule Analysis

Review of critical path analysis

Development of schedule

Overview of @Risk for a project

Case Study – Using @Risk for Project

Sensitivity analysis

Review forecasting, monitoring, and control

Case Study – P50 & P90 for Estimate and Schedule

Teams: RAM Requirements (3)

An overview of how quantitative analysis can be used to assess the risks to a project schedule will be covered. The techniques will be applied to the case study project in order to achieve a more efficient schedule.

Day 4

Project Strategy

Case Study – Presentation of Results

Teams: RAM Requirements (4)

On the final, day participants will work in teams to present the results of their risk analysis on their case study project.

Audience

This course is intended for any project personnel who require an understanding of how to effectively manage risks on projects.

Prerequisites

Attendees will be required to have an understanding of project planning, monitoring, and control, as well as a basic comprehension of MS Excel and Project.